Famous Fortune Fights!
by Andy & Danielle Mayoras

May 2012

By all accounts, actor Gary Coleman had a difficult life after his days as the childhood star of Diff’rent Strokes. He was estranged from his parents and died — nearly broke — at the age of 42. While he was married at one time, he said in a TV interview that he remained a virgin, even after his marriage. So what kind of marriage was it?

Not a very happy one, according to a Utah judge who recently issued a ruling to decide who gets to administer, and ultimately inherit, what little constitutes Gary Coleman’s Estate. The lawsuit pitted Gary Coleman’s ex-wife, Shannon Price — who said she actually was still his wife until he died — against Coleman’s friend and former head of his corporation, Anna Gray.

In 2005, Gary Coleman signed a will naming Gray as his executor and beneficiary. But Coleman married Price in 2007, and then signed a handwritten codicil to the will (“codicil” means amendment to a will) in favor of Price that same year. Interestingly, in the will, Coleman wrote that:

I have made this change of free will and was not coerced in any way. This I have done because of my personal selfishness and weakness and I love her with all of my heart.

One of Reese Witherspoon’s more famous roles was as the perky young attorney in Legally Blonde. Late last week, she accompanied her parents to court in a much more somber setting.

Reese Witherspoon’s father, Dr. John Draper Witherspoon, was recently married. At least, that’s what a newspaper in Nashville, Tennessee announced. You can read the big announcement and see the happy couple’s wedding photo here.

While John doesn’t exactly look happy in the picture, the announcement reveals that they will reside together in Nashville, following the intimate ceremony that featured cowboy boots and yellow roses, based on their Texas heritage. The festivities took place on January 14th, and the couple plans a celebration with friends and family for the summer.

The chairman of the Samsung Group, Lee Kun-hee, comes in at number 106 on Forbes’ list of the world’s top billionaires, with a reported net worth of $8.3 billion, as of March. But did he acquire some of that fortune illegally from his late father’s trust? That’s what his brother and sister accuse him of in a recent lawsuit that is growing uglier by the day.

In February, Kun-hee’s older brother, Lee Maeng-hee, filed the suit in Seoul, South Korea. Now joined by two other family members, the lawsuit claims that when their father, Samsung Group founder Lee Byung-chull, died in 1987, he left millions of shares in Samsung Life Insurance (the world’s 14th largest insurance company) as well as preferred stock in Samsung Electronics and cash, in trust. Specifically, he placed the asset into the name of Samsung executives for the benefit of his family. Lee Kun-hee then wrongfully took the stock and cash and transferred it into his own name, rather than dividing it among the heirs as he was supposed to, according to the allegations.

The U.S. value of the stock is around $877 million. If Kun-hee loses, it could potentially cause him to lose his controlling interest in the Samsung Group, which controls dozens of companies, including Samsung Electronics.

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Legal Disclaimer

Nothing in this blog should be relied on as legal advice. The information contained herein does not create an attorney/client relationship. The articles posted are intended for entertainment and general information purposes only. Laws vary state by state. Anyone seeking legal advice for a specific situation should consult a qualified probate lawyer or similar qualified professional in the appropriate state.